June implemented iDenfy’s full-stack ID verification solution to transform its manual applicant review process
Kaunas, Kaunas County, Lithuania - May 31, 2023 —
iDenfy, a tech startup providing AI-based ID verification and fraud prevention services, announced a new partnership with June, a digital housing company, offering apartment rental services for both everyday consumers and mom-and-pop landlords. iDenfy will ensure a secure and straightforward verification process for June’s new applicants.
iDenfy claims that companies often rely on a combination of different vendors and data sources to ensure a smooth new customer sign-up process. Despite this, handling and managing multiple third-party providers and maintaining a seamless user experience can be challenging, especially when companies rely on manual compliance procedures, such as using internal teams to review identity documents during the Know Your Customer (KYC) verification process.
Consequently, iDenfy’s team has noticed a growing demand for end-to-end identity verification solutions that eliminate the need to hire internal compliance specialists and reduce time spent manually collecting and verifying large volumes of personal information. This is particularly important for rapidly scaling companies looking to save time and resources on manual identity verification processes.
June shares iDenfy's view, claiming that the company wanted to switch to a fully automated verification workflow instead of relying on manual expired document checking and data gathering since it resulted in human error and inaccuracies. For this reason, the prop-tech company decided to choose iDenfy's ID verification software. The platform cited iDenfy's intelligent approach to digital identity proofing, the ability to reduce applicant review time, and the wide range of supported documents as key factors in selecting the tech startup as its partner.
June, a rapidly growing housing company, had already received thousands of rental applications from potential customers before partnering with iDenfy. However, the original verification process was manual and involved a back-office team in Greece analyzing document photos. This approach was inefficient and challenging for June, as they needed to ensure accuracy while ensuring a speedy authentication workflow. As the company scaled up, the costs associated with manual verification increased.
June realized the need to simplify the identity verification process and set a new goal to achieve this. The decision to partner with iDenfy was driven by their software's high accuracy in detecting fraud through features like liveness detection and facial recognition technology. According to the housing business, these capabilities will be particularly useful in identifying fraudulent attempts to pass verification, such as those using deepfakes or masks.
Currently, by automating ID verification checks, June improved their sign-up conversion rates while ensuring complete regulatory compliance. iDenfy's AI-powered system quickly scans the applicant’s face and extracts data from the document, helping June to mitigate fraud in a secure and timely manner. As a result, the new integration has helped create a simple and fully automated onboarding flow, with iDenfy also handling personal data collection and protection.
“We’re passionate about revolutionizing and simplifying the apartment rental experience for all tenants and landlords by providing a modern and efficient rental that focuses on convenience. iDenfy’s identity verification has helped us improve the overall rental process and the onboarding experience,” — expressed Daniil Sigal, Director of Product at June.
“We’ve started welcoming more prop-tech companies into our community that are embracing biometric technology and end-to-end identity verification to onboard their customers. That said, our team is excited to assist June in automating their KYC process and expanding their business,” — added Domantas Ciulde, the CEO of iDenfy.
About Us: iDenfy is a RegTech startup that provides AML, KYC, and KYB compliance solutions to businesses of all sizes. The company has been recognized as a leading identity verification software in G2's Winter 2023 report. iDenfy has also won the "Enabler of the Year'' category at the Lithuanian Fintech 2023 awards. For more information and business inquiries, please visit www.idenfy.com.
Contact Info:
Name: Eva Azaraviciute
Email: Send Email
Organization: iDenfy
Address: Barsausko g. 59
Website: https://www.idenfy.com/
Release ID: 89098913
If you detect any issues, problems, or errors in this press release content, kindly contact error@releasecontact.com to notify us. We will respond and rectify the situation in the next 8 hours.
